Hennadii Butkevych’s company is expanding its presence in residential development through partnerships with regional and Kyiv-based developers. Its portfolio already includes about 2,500 apartments, with the next stage expected to be a transition to a full-scale developer model.
BGV Development, part of the group owned by ATB co-owner Hennadii Butkevych, is accelerating its expansion in the residential real estate market. In April 2026, the company entered a new project in Zhytomyr — the Manhattan residential complex, which became BGV’s first joint project with regional developer ArtHouse Group. Following this deal, BGV’s total residential portfolio reached approximately 2,500 apartments.
For BGV, Manhattan is not just another asset, but another step in building an investment model through partnerships. The project includes 774 apartments across three buildings, with the first building of 288 apartments scheduled for completion in the second quarter of 2027. Under this deal, BGV Development and ArtHouse Group split responsibilities on a 50/50 basis: BGV primarily acts as the investment guarantor and co-finances the project in equal shares, while the partner is responsible for operational management, design, and on-site construction.
At the same time, the company is scaling its presence in Kyiv. Together with Saga Development, BGV is developing Boston Creative House, which includes 644 apartments in two towers and 382 hotel apartments in Circle Hotel. Another joint project is the relaunch of Ozon Concept House, which will consist of four buildings and 1,088 apartments and is currently at the preparatory stage. For now, BGV’s only standalone development project remains the Equides Villas cottage community in Lisnyky, Kyiv region.
The investment scale of the portfolio is already substantial. According to the estimate cited in the source material, the construction cost of a regional project such as Manhattan may amount to $700–800 per sq. m, while Kyiv projects such as Ozon Concept House and Boston Creative House may require around $1,200 per sq. m. Given Manhattan’s total area of 22,860 sq. m, the Zhytomyr project alone may require approximately $16–18 million in capital investment — a calculation based on the area and cost range. Overall, Forbes Ukraine estimates total investment in Manhattan, Ozon, and Boston at up to $300 million, including funds from partners and future investors.
In addition to residential real estate, BGV Development is also building a commercial segment. Its portfolio includes the Zhyto shopping center with an area of 3,811 sq. m, a standalone 469 sq. m building for McDonald’s in Zhytomyr, as well as ATB supermarket projects. This points to a diversified development model in which residential real estate is combined with commercial properties and retail infrastructure.
Financially, the business is still in the investment and scaling phase. BGV Development’s revenue for 2025 was not disclosed, while the company’s loss, according to YouControl, amounted to UAH 16 million. At the same time, BGV Management’s revenue increased by 30% year-on-year to UAH 30 million. It is also noted that in 2025 Butkevych acquired a 38% stake in K12 Avenue LLC and, through a privatization auction, purchased an unfinished building in Zhytomyr for UAH 28 million, indicating a gradual accumulation of proprietary development assets.
Strategically, BGV has openly stated its intention to move from the model of a financial partner to that of a full-fledged developer. The company plans to combine partnership-based projects with assets under its own control and expand geographically in regions where the group is already present in other sectors, including Zhytomyr, Kyiv, Kirovohrad, Odesa, Poltava, Kharkiv, and Rivne regions. For the market, this means BGV is testing a scalable investment model for entering residential development through local operators, with the prospect of further vertical integration.
